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Saturday, February 24, 2024

Pound jumps on Brexit hopes as global stocks firm

(London) – The British pound hit a seven-week high against the dollar on easing fears of a no-deal Brexit.

Stock markets meanwhile won support after China said some US agricultural products including pork and soybeans would be exempt from added tariffs, ahead of trade talks between Beijing and Washington scheduled for October.

The announcement was the latest in a series of conciliatory measures between the world´s two biggest economies, who for the past year have been locked in a bitter trade war resulting in tit-for-tat tariffs on hundreds of billions of dollars in bilateral trade.

In foreign exchange, the pound was in focus after the UK currency jumped to its highest level since late July.

The pound “has rallied… as traders are less fearful about the possibility of a no-deal Brexit”, noted David Madden, analyst at CMC Markets UK.

It comes after Britain´s parliamentary speaker warned Prime Minister Boris Johnson not to disobey the law by refusing to ask for a Brexit delay and vowed to thwart any attempt to circumvent legislation.

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